中国式影子银行宏观审慎监管：现实挑战与框架改进

Chinese Shadow Banking Macro-prudential Supervision: Realistic Challenge and Framework Improvements

近年来,我国影子银行与银行内部部门和其他金融机构交叉融合,变身为“银行的影子”,部分替代银行信用中介职能,形成了独有的中国式影子银行体系。当前,现有的影子银行微观审慎监管已经难以应对其带来的系统性金融风险挑战。因此,亟需对央行宏观审慎评估体系进行改进,强化对影子银行的宏观审慎监管。具体而言,在空间维度上,加强影子银行风险事前监管,扩大系统重要性金融机构范围,限制共同风险敞口;在时间维度上,完善逆周期资本工具,强化流动性监管。同时,影子银行宏观审慎监管需在监管主体、监管目标、监管工具和监管信息等方面与微观审慎监管密切协调配合,提升系统性金融风险监管效力。

In recent years,China's shadow banking has been integrated with the internal banking business and other finan cial institutions,partially replacing the credit intermediary function of banks and becoming the"shadow of Banks",forming a unique Chinese-style shadow banking system.The existing micro-prudential supervision of shadow banking has been unable to cope with the challenge of the outbreak of systemic financial risks brought by it.Therefore,it is urgent to improve the macro-pru dential evaluation system of the central bank and strengthen the macro-prudential supervision of shadow banking.In terms of spatial dimension,we should strengthen the pre-risk supervision of shadow banking,expand the scope of systemically important financial institutions,and limit common risk exposure.In terms of time dimension,we should improve counter-cyclical capital tools and strengthen liquidity supervision.At the same time,the macro-prudential supervision of shadow banking should be closely coordinated with the micro-prudential supervision in terms of the regulatory subject,regulatory objectives,regulatory tools and regulatory information so as to enhance the effectiveness of systemic financial risk supervision.